Gippslanders are seeing more money in their pockets thanks to the 2020-21 Federal Budget tax cuts.
Federal Member for Gippsland Darren Chester said the government’s tax cuts were already benefitting Gippslanders and were focused on helping people with cost of living pressures and creating more local jobs.
“Under the government’s plan, low and middle-income earners in Gippsland are getting an extra $1060 to $2745 each and $5490 for a dual income household,” Mr Chester said.
“The government is putting more money into the pockets of Gippslanders with taxpayers getting a tax cut backdated to 1 July 2020, and retaining the low and middle-income tax offset for an additional year.
“This means Gippslanders will have more of their own money to spend on what matters to them, which helps local businesses and creates more jobs in our region.
“A lot of families have been impacted by drought, bushfires and the coronavirus pandemic and this is one way the government is giving back.
“Gippslanders deserve to be rewarded for working hard and sticking together in such difficult times and these tax incentives let them decide where they spend their money in the local community.”
Mr Chester said the government was also providing a targeted cash flow boost that Gippsland businesses deserve.
“Businesses are already benefitting from the expansion of the instant asset write-off, which allows 99 per cent of businesses to write off the full value of assets they purchase,” Mr Chester said.
“Temporary tax incentives are also available for businesses with a turnover up to $5 billion to encourage investment and improve cash flow.
“This tax relief is for hard working Australians and businesses, to create jobs, rebuild the economy and secure the future.”